Central Bank of Egypt First Deputy Governor Gamal Negm said the legal and legislative atmosphere in Egypt goes in line with international standards and latest changes in the anti-money laundering field.
In a word he delivered Thursday on behalf of Acting Governor of the CBE Hassan Abdallah, during the inauguration of the Anti-Money Laundering and Terrorist Financing Forum, held in the Red Sea resort city of Sharm el-Sheikh, the CBE first deputy referred to the importance of incorporating required legislative amendments into all world countries’ money systems to include amending the anti-money laundering and terrorism financing laws, together with their executive regulations to cope with the latest technological advances in the financial domain.
Meantime, Negm highlighted the CBE’s amendment of its law in 2020 to broaden the bank’s monitoring authority to entitle not only the banking sector, but rather all newly devised financial institutions affiliated to the financing sector, with a view to maintaining banking stability.
The gathering is organized by the the Union of Arab Banks (UAB) in cooperation with the CBE.
Source: Egypt Today Magazine